Court of Tax Appeals (CTA) is ordered to the bureau to stop garnish the Rep. Properties and declared that he won the first round against BIR Bureau of Internal Revenue. BIR and Rep. Manny Pacquiao are close the deal to the P3.289-billion tax case and the CTA First Division favored Pacman to stop garnishing his properties.
The CTA First Division issued a letter “respondent is hereby ordered to cease and desist from enforcing the subject Final Decision of Disputed Assessment (FDDA) and from collecting the subject deficiency tax assessments issued against petitioners for taxable years 2008 and 2009,” according to a reporter Christina Mendez in “The Philippine Star” on Wednesday.
In additional detail stated by CTA, “ The suspension of collection shall be subject to petitioner’s depositing of a cash bond in the amount of P 3,298,514,894.35 or posting of a GSIS bond or a bond from other reputable surety company duly accredited by the Supreme Court, in the amount equivalent to one and one half (1 ½) of the amount being collected or P4,947,772,341.53,” as ordered.
The tax court also ordered Pacquiao to deposit P3.2B as cash bond with specific post 10 days receipt of the resolution. While the BIR Commissioner Kim Henares is currently out of the country right now. Rep. Manny Pacquiao filled an appeal before CTA, when BIR case him on alleged tax liability. Henares side tells “Our assessment for 2008 and 2009 has a deficiency for income tax and deficiency of VAT. The total, as of Dec. 31, 2012 was P2.2 billion,” And presently, Pacquiao paid the P32 Million for surcharge and VAT on his total Earnings on Boxing fight and property.